Exhibit 10.37
Executive Staff Fiscal 2004 Bonus Measurements
The fiscal 2004 bonus plan for executive staff will be based on year-over-year improvement in Actuants Consolidated Combined Management Measure (CMM)
Supporting Definitions:
Consolidated CMM = Net earnings before interest, taxes, and amortization less Asset Carrying Charge of 20% of total debt, shareholders equity and accumulated amortization of intangible assets
Bonus Targets:
0% | 100% (Target) |
250% | ||||
Consolidated CMM |
$35.5 million | $39.4 million | $45.5 million |
Name | Functional Area | Proposed Bonus Payout @ 100% | ||
Robert Arzbaecher |
Chief Executive Officer | $406,000 | ||
Andrew Lampereur |
Chief Financial Officer | $128,250 | ||
Ralph Keller |
Vice President of Operations | $ 86,000 |
Business Unit Leader Fiscal 2004 Bonus Measurements
The fiscal 2004 bonus plan for business unit leaders will be based on year-over-year improvement in Business Unit CMM (80%) and year-over-year improvement in Actuants CMM (20%).
Supporting Definitions:
Business Unit CMM = Operating Profit (before amortization) less Asset Carrying Charge of 20% of Net Assets Employed
Net Assets Employed = Net accounts receivable + net inventory + prepaid assets + net fixed assets + other long-term assets (excluding intangible assets) - accounts payable accrued current liabilities
Bonus Targets:
Mark Goldstein; Vice President
|
||
Tools & Supplies CMM | 0% payout: Less than or equal to 80% of prior year. 100% payout: 10% improvement over prior year 250% payout: 50% improvement over prior year | |
Consolidated CMM |
See consolidated CMM scale above. | |
Bonus payout at 100% |
$141,750 | |
Gustav H.P. Boel; Vice President | ||
Kopp CMM |
0% payout: Less than or equal to 80% of prior year. 100% payout: 10% improvement over prior year 250% payout: 50% improvement over prior year | |
Consolidated CMM |
See consolidated CMM scale above. | |
Bonus payout at 100% |
$112,500 |